The global nuclear decommissioning market to grow at a CAGR over 2% during the forecast period
Fatal accidents such as the Chernobyl and Fukushima incidents have propelled the growth of this market. This has resulted in an increase in the decommissioning of nuclear plants across the globe. For instance, during 2011, Germany decided to phase out all its operating nuclear plants from its power mix by the end of 2022, which in turn augments the market growth.
A continuing trend which will have a positive impact on market growth is international cooperation to ensure nuclear safety. The dependence on nuclear power plant is reduced over a period owing to the disasters such as Fukushima and Chernobyl. Organizations such as the IAEA, the OECD's NEA, and the commission of the European communities share the experience, technology, and the knowledge about decommissioning among various countries.
According to the report, a key growth driver is the worldwide shutdown of older reactors. At times, the upgradations asked to run the reactors tend to be too expensive to keep the reactors working. This normally is the case with older nuclear reactors that are already nearing the end of their lifetime.
Further, the report states that one challenge that is hampering market growth is the difficulty in disposing radioactive nuclear waste.